And yes, I think that is the most plausible explanation... my best example being Livermore, NH (now unpopulated)

Quote from: wikipedia

# 1876 - Livermore incorporated.# 1877 - Construction of Sawyer River Railroad begins to support logging activity.# 1896 - Topographic map shows railroad and twelve inhabited buildings.# 1927 - A November storm devastates the local lumber industry.# 1928 - The last mill is closed.# 1937 - All but one 12-acre (4.9 ha) parcel of land is sold to the United States Forest Service for inclusion in the White Mountain National Forest.# 1949 - The last resident leaves town.